Once more on Thursday, Nouriel Roubini is supporting the collapse of the cryptocurrency market.
In a series of tweets, the “Dr. Doom” economist foresaw a coming reckoning for digital assets due to anticipated government action against the sector.
The well-known economist noted current rumors that Gary Gensler, chairman of the US Securities and Exchange Commission, is requesting more funding to investigate corruption in the industry.
Finally, he concluded, the SEC will have the [money] to pursue all the other cryptocurrency – and other – fraudsters. “The end of crypto is near!”
According to a prepared statement on Thursday, the SEC chair sought a $2.4 billion budget for 2024 because technology is “rapidly altering our markets and business models” and as a result, “new tools, skills, and resources” are needed. But, not all of these cash will be used to safeguard cryptocurrency. Gensler mentioned a wide range of cutting-edge technology that he was keeping an eye on in fields including electronic trading and artificial intelligence.
Additionally, investors have put their hard-earned funds at risk in a highly speculative asset class in the Wild West of the cryptocurrency markets, which is plagued with noncompliance, according to the testimony. Such expansion and quick change can increase the potential for misconduct.
As the cop on the street, we must be able to match the bad actors,” Gensler continued. Thus, it makes sense for the SEC to expand in tandem with the development and rising complexity of the capital markets.
